Namibians Urged to Report Suspicious Transactions

In a bid to combat financial crime and protect the Namibian economy from illicit activities, Bank Windhoek is urging citizens and businesses to report any suspicious transactions or activities to the authorities.

The Importance of Anti-Money Laundering Requirements

According to Njeri Siska, Head of Anti-Money Laundering at Bank Windhoek, the primary objective of anti-money laundering (AML) requirements such as Know Your Customer (KYC) and Enhanced Due Diligence is to enable law enforcement to prevent criminals from completing or benefiting from the proceeds of their activities.

What Constitutes a Suspicious Transaction?

• From a bank’s perspective, when there is no match between the client’s profile and the transaction in question
• When a client’s source of funds does not align with the transaction
• When identification documentation is not provided

The Role of Every Citizen and Resident

The fight against financial crime is a responsibility that extends beyond banks to every citizen and resident of Namibia. If you have knowledge of any suspicious activity or transaction concluded in any business, or suspect that a business received or is about to receive the proceeds of unlawful activities, you must report it without delay to the FIC.

How to Submit an STR

You can report suspicious transactions or activities online through the FIC website at www.fic.na/goAML. Alternatively, if you do not have technical capability to make a report electronically, you can complete the forms in Annexures 1 and 2 of the Regulations and send them by facsimile to the Centre on +264(61) 2835687/6918/5922 or hand deliver it to the Centre at 71 Robert Mugabe Avenue, Windhoek.

Protection for Reporters

According to section 50(2) of the Financial Intelligence Act (FIA), the identity of a person who provides information and the information itself is confidential and cannot be disclosed unless done to assist the FIC.